TALIUS GROUP LIMITED — Major Shareholding Notification 2012

Jun 3, 2012

To:

From:

Subject: Form 603 - Notice of initial substantial holder

Message: Dear Sirs

Please find attached a Form 603 on behalf of CQS Asset Management Limited.

Kind Regards,

Nicholas Coxon Compliance Manager CQS 5th Floor Tel: +44 (0)20 7201 6900 33 Grosvenor Place +44 (0) 20 7 20 1 1 28 3 Fax: London SW1X 7HY Web: www.cqs.ch United Kingdom

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CQS (UK) LLP (registered no. OC307419) is a limited liability partnership; CQS Asset Management Limited (registered no. 04988116), CQS Investment Management Limited (registered no. 05607786) and CQS Management Limited (registered no. 03691917) are all limited liability companies. All are regulated with the Financial Services Authority (with the exception of CQS Management Limited) and registered in England and Wales with their registered address at 5th Floor, 33 Chester Street, London, SW1X 7BL.

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Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme ACN/ARSN	ADVANCE ENERGY LTD 111 823 762
1. Details of substantial holder (1) Name	CQS Asset Management Limited
ACN/ARSN (if applicable)	N/A

$10/04/2012$ The holder became a substantial holder on

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)
Ord NPV	24,492,187	24,492,187	7.778
Ord NPV	7,421,875	7,421,875	2.35%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

'Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
City Natural Resources High Yield Fund Limited		$124,492,187$ Ord NPV
'New City High Yield Fund Ltd	-	$17,421,875$ Ord NPV

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
interest	HSBC Custody	HSBC Custody	7,421,875 Ord NPV
New City High Yield	Nominees	Nominees (Australia)
Fund Ltd	(Australia) Limited	Limited
City Natural	HSBC Custody	HSBC Custody	24,492,187 Ord NPV
Resources High Yield	Nominees	Nominees (Australia)
Fund Limited	(Australia) Limited	Limited

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant	Date of acquisition	Consideration (9)		Class and number of securities
interest		Cash	Non-cash
New City High Yield Fund Ltd	$10/4/12$ - Bonus Tssue			7,421,875 Ord NPV
City Natural Resources High Yield	$10/4/12$ - Bonus Issue			24,492,187 Ord NPV

--------------------------------------- _________	------		_ _______
Limited
	A content of .	_

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
' N/A	N/A

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
New City High Yield Fund	C/O CQS Asset Management Limited, 33 Chester Street, London
Ltd	SW1X 7BL
City Natural Resources	C/O COS Asset Management Limited, 33 Chester Street, London
High Yield Limited	SW1X 7BL

Signature

print name	KATE HASWELL	capacity	COMPLIANCE OFFICER, CQS ASSET MANAGEMENT LIMITED
sign here	d	date	01/06/2012

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an $(5)$ associate has a relevant interest in.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(6)$
• Include details of: $(7)$
• any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of $(a)$ any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $(3)$ "unknown".
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was $(9)$ acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.